Stablecoins Could Solve US Debt Problem, Says Former House Speaker

IconCryptoNewsTerminal Staff17 Jun, 2024

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Stablecoins Could Solve US Debt Problem, Says Former House Speaker

Former US House Speaker Paul Ryan has proposed that the US government embrace dollar-linked stablecoins as a solution to the country's growing debt problem. In a recent op-ed, Ryan argued that stablecoins could make US debt more usable in global markets. He also said that the US cannot afford to sit back and watch China make the first move on digital currencies. “Dollar-linked stablecoins and permissionless blockchains are consistent with the free and open nature of what the US stands for,” Ryan wrote. Ryan's proposal is likely to be met with mixed reactions. Some experts have argued that stablecoins could help to improve the efficiency of the global financial system. Others have raised concerns about the potential risks associated with stablecoins, such as their volatility and their susceptibility to manipulation. It remains to be seen whether or not the US government will adopt Ryan's proposal. However, his op-ed is sure to spark a debate about the potential role of stablecoins in the future of the global financial system.

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